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Fed Chair Yellen (FOMC voter) speaks: Yellen’s speech is the last scheduled appearance by an FOMC member before the March meeting blackout period begins. Fed Vice Chairman Fischer (FOMC voter) speaks: Fischer will discuss the framework for monetary policy. We expect his speech to focus on the communications aspects of monetary policy rather than its near-term direction. We do not believe that the FOMC is signaling a March rate hike and instead we have interpreted their “fairly soon” language as pointing to a rate hike in May or June. The timing of the speech is not coincidental and these remarks are the FOMC’s last opportunity to signal for a March rate hike.

Such a tactic would undermine the monopoly or the Federal Reserve by introducing competition into the monetary system. In most states with sales taxes, precious metals owners are taxed on their original purchase and then taxed again if they have nominal “gains” when they sell their precious metals. Enjoying the backing of the Sound Money Defense League, the Idaho Freedom Foundation, and Money Metals Exchange (an Idaho-based national precious metals dealer), the Idaho proposal seeks to correct the misclassification of precious metals by the IRS as “property” rather than money. That’s because both precious metals gains (income) and losses are backed out of the calculation of one’s Idaho taxable income. “Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a “reverse Gresham’s Law” effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes).